Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
Stock code: 000018 ，200018 Stock ID : Sino Great Wall ，Sino-B Announcement No. 2016-030
Summary of 2015 Annual Report of Sino Great Wall Co., Ltd.
1. Important notes
The summary is abstract from full-text of annual report, for more details information , investors should found in the full-text of
annual report that published on website of Shenzhen Stock Exchange and other website appointed by CSRC.
Objections of the directors, supervisors and senior management
Non-standard auditor’s opinion
□ Applicable √Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share capital for the
reporting period, which has been reviewed and approved at the board meeting
√Applicable □Not applicable
Conversion of capital reserves into share capital
√Yes □ No
The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows: 446,906,582 for
the base, the Company would distribute cash dividend to all the shareholders at the rate of CNY0 for every 10 shares (with tax
inclusive) , 0 bonus shares（including tax）,The Company will transfer the capital reserve to increase capital stock, 28 shares for
every 10 shares.
Plans for profit distribution on preference shares for the reporting period approved by the Board
□ Applicable □ Not applicable
Company Profile
Stock ID Sino Great Wall ，Sino-B Stock code: 000018 , 200018
Stock Exchange Listed in Shenzhen Stock Exchange
Contact person and contact manner Board secretary Securities affairs Representative
Name Yang Chunling Liu Guofa
Sino Great Wall Building, No.3 Jinxiu Street, Sino Great Wall Building, No.3 Jinxiu Street,
Contact address Economic Technology Development Zone , Economic Technology Development Zone ,
Beijing Beijing
Tel. 010-89045856 010-89045856
Fax. 010-89045855 010-89045855
Email. 1208806865@qq.com 000018sz@sina.com
II. Brief introduction to the main business or products in the reporting period
Ⅰ.Main Business the Company is Engaged
In 2015,The company has completed great asset replacement, purchased by issuing shares and raising supporting funds in the
year, the total assets company has owned and liabilities company has made were exchanged with equivalent assets that all
shareholders hold in Sino Great Wall International Engineering Co., Ltd., and differential sections were purchased by my
company ,issuing shares for all shareholders hold in Sino Great Wall International Engineering Co., Ltd., meanwhile, company
has distributed supporting funds,255 million Yuan used for raising and restructuring shares, to Chen Lue and Hui tong 2.Since
the major assets restructuring was accomplished, our primary services has shifted from previous producing and processing of
textile into Engineering general contracting(overseas),decoration, mechanical and electrical installation, curtain wall design and
construction, Investment and construction of hospital health industry, etc.
Domestic business in 2015：Company’s building decoration business maintained steady growth and company’s market
standing in Domestic construction projects has been further promoted. Since domestic revenues accounted for 60 % of
company's business income in 2015, it is still the main source of revenue: at the same time, the year of 2015 is the company's
first year of strategic layout of medical business as well. Despite the fact that no income has been gained from medical business,
works on different levels are carried out in a smooth way, and company has signed a cooperation agreement with Sichuan Jiale
Enterprise Group, Beijing Anjie Asset Management Co., Ltd, Sinopharm Finance Lease Co., Ltd successively, and Launched
extensive cooperation in fields like acquisition or construction of hospital projects, medical engineering contracting, health-care
investment and financial leasing to provide a guarantee for promoting the rapid development of the company's medical
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Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
business. Although the medical business still hasn’t formed income, all the works have been progressing smoothly, which has
provided the foundation of the fast development of the company’s medical business. Talented personnel recruited from
overseas personnel market formation for many years, diverse marketing channels and understanding construction capability
have made the company's overseas spread throughout the Middle East, Southeast Asia and Africa. Moreover, large-scale
projects are widely in construction or under construction in countries and regions like Qatar, Kuwait, Indonesia, Sri Lanka,
Burma, Cambodia, and Algeria. In the above areas, the company has accumulated and created a good market reputation and
corporate image, laying a good foundation for the company to win more project orders and further expand their business to
other countries and regions. An extensive step to increase building and construction industry and health care industry would be
conducted in future, promoting the sustained and rapid growth of the company.
II. Industry development and outlook of the company
In 2015, the global economic situation still was perplexing and complicated and the world economic growth was low, yet China
has been entered into the new normal of adjusting industrial structure, stabling the growth and transformation and upgrading of
the industries. The domestic architectural decoration industry was affected by the weak real estate market, resulted in a low
growth; the company relying on the initiative advantage, brand influences and good business development ability has formed
three core business segments of the Middle East, Southeast Asia and Africa, remained in a comparatively fast growth
momentum. In the future, along with steady growth of the Chinese economic and the speeding up of the urbanization of China
and the increasing escalation of the consumption level of residents, the architectural decoration market such as in the
transportation, culture, sports, medical and health facilities and new hotel construction will keep growing at a certain pace. As
to the overseas market, along with the implementation and deepening of the national strategy of “One Belt, One Road” which
brings a new round of growth opportunities, by virtue of the construction implemented of the contracted projects by the
company, the accumulation and the establishment of good market reputation and image of the company, the company’s
overseas business will keep in a comparatively fast growth and the company’s business scale and market share will
continuously be increased.
Health-care industry: according to spirit of normative documents, Guidance on the Pilot Reform of Public Hospitals and
Opinions of Further Encouraging and Guiding the Social Capital to Hold Medical Institutions released successively by five
ministries including ministry of health, the company combined it with the status quo of the medical and health industry in
China, on the basis of full investigation, com firmed strategic direction of development in future and actively carried out
medical industry layout in 2015. for the acquisition of the company, the existing hospitals, hospital, a new construction of
medical and health projects all the input and take direct investment, industry fund operation mode initiated and Realization of
medical industry, landing, and strive to build the company into a building and medical services and drive the development of a
group of outstanding enterprises.
By 2015,Sino Great Wall International Engineering Co., Ltd, a wholly-owned subsidiary of the company, ranked eighth in
China's 100 top building decoration enterprises, and the project "Convention Center in Gansu five-star hotel complex project",
which it participated in, won China's construction Engineering Luban Awards during 2014 to 2015.
Ⅱ.Major Changes in Main Assets
Main assets Major changes
The main reason is the Ministry of Finance of Kuwait , Cambodia Howley and NAGA cr
Fixed assets
ane and other equipment procurement project.
Kuwait Ministry of Defence procurement is mainly due to crane and other equipment is n
Construction in process
ot installed
III. Accounting and financial highlights
1.Accounting and financial highlights for the past three years
Does the Company adjust retrospectively or restate the accounting data of previous years due to changes in the accounting
policy or corrections of accounting errors?
□Yes √ No
In RMB
Changed over last year
2015 2014 2013
（％）
Operating Gross income（RMB） 4,010,358,999.58 2,754,684,893.91 45.58% 2,035,212,861.16
Net profit attributable to the
shareholders of the listed company 346,648,651.48 186,857,504.45 85.51% 103,518,058.00
（RMB）
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Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
Net profit after deducting of
non-recurring gain/loss attributable
347,196,614.68 183,801,389.95 88.90% 101,026,921.20
to the shareholders of listed
company（RMB）
Cash flow generated by business
-292,051,257.08 163,847,389.34 -278.25% -182,151,177.61
operation, net（RMB）
Basic earning per
1.50 0.74 102.70% 0.6120
share(RMB/Share)
Diluted gains per
1.50 0.74 102.70% 0.6120
share(RMB/Share)(RMB/Share)
Net asset earning ratio（%） 34.52% 24.54% 9.98% 17.46%
End of Changed over last year
End of 2015 End of 2013
2014 （％）
Gross assets（RMB） 4,017,462,824.63 2,447,572,750.57 64.14% 1,675,076,620.29
Net assets attributable to
shareholders of the listed company 1,282,256,738.74 761,471,188.44 68.39% 593,026,818.30
（RMB）
2.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 825,262,582.68 1,255,946,636.48 835,406,170.68 1,093,743,609.74
Net profit attributable to the
47,877,449.11 117,464,892.01 77,186,010.32 104,120,300.04
shareholders of the listed company
Net profit after deducting of
non-recurring gain/loss attributable
47,519,957.09 117,483,194.26 77,869,941.81 104,323,521.52
to the shareholders of listed
company
Net Cash flow generated by
-116,108,845.35 -127,687,027.48 -83,783,608.09 35,528,223.84
business operation
Whether significant variances exist between the above financial index or the index with its sum and the financial index of the
quarterly report as well as semi-annual report index disclosed by the Company.
□ Yes √No
IV. Share capital and shareholders
1. Numbers of the common shareholders and the preference shareholders with resumed voting rights as well as the
shareholdings of the top 10 shareholders
In shares
Total number The total number
Total of preferred shar Total
of common shareholders at preferred shareholder
shareholders at eholders voting ri
the end of the s at the end of the
the end of the 15,008 26,580 ghts restored at p 0 0
month from the eriod-end month from the date of
reporting date of disclosing disclosing the annual
period the annual report (if any)(See report
Notes 8)
Shareholdings of top 10 shareholders
Proportion Amount of Number of share
Nature of Number of shares pledged/frozen
Shareholders of shares restricted shares
shareholder held at period -end
held(%) held State of share Amount
Domestic Natural
Chen Lue 34.27% 153,136,462 153,098,412 Mortgage 90,621,209
person
Union Holdings Co., Ltd. Domestic Non- 9.65% 43,141,032 0
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Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
State-owned legal
person
STYLE-SUCCESS Foreign legal
5.47% 24,466,029 0
LIMITED person
Shanghai Financial Domestic Non-
Development Investment State-owned legal 4.49% 20,079,080 20,079,080
Fund(LP) person
Domestic Natural
He Feiyan 3.23% 14,421,173 14,421,173
person
Jiutai Fund－Bank of
Communications－Jiutai
Huitong No.2 specific Other 2.50% 11,178,861 11,178,861
customer asset management
plan
Wuxi Hengtai Jiuding Domestic Non-
Assets Management Centre State-owned legal 2.26% 10,087,004 10,087,004
（LP） person
Foshan Haihui Heying
Domestic Non-
Venture Imvestment
State-owned legal 2.25% 10,039,540 10,039,540
Partnership(Limited
person
Partnership)
Domestic Non-
Jiangxi Taihao Venture
State-owned legal 1.87% 8,366,284 8,366,284
Investment Centre(LP）
person
Yantai ZhaoxuanYuantai Domestic Non-
Jiuding Venture Investment State-owned legal 1.87% 8,353,354 8,353,354
Centre(LP) person
The largest shareholder of Mr. Chen Lue and the fifth largest shareholder of Ms.
He Feiyan aforesaid are persons acting in concern;Wuxi Hengtai Jiuding Assets
Related or acting-in-concert parties among
Management Centre（LP）and Yantai ZhaoxuanYuantai Jiuding Venture Investment
shareholders above
Centre(LP )aforesaid are persons acting in concern;whether the other shareholders
have associated relations are unknown.
Explanation on shareholders participating in the Among the shareholders above, Liuzhou Jiali Real estate Development Co., ltd.
holds 3,600,000 shares of the Company through stock account with credit
margin trading business（If any）
transaction and guarantee of Guohai Securities Co., Ltd.
2.Number of the preference shareholders and the shareholdings of the top 10 of them
□ Applicable √Not applicable
No preference shareholders in the reporting period
3.Relationship between the Company and its actual controller in the form of diagram
V. Management’s Discussion and Analysis
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Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
1.Business review for the reporting period
1. Overall overview of business condition
Obstacles and difficulties were still in the way of global economic recovery in 2015, despite of the economy of US showing
signs of improvement. The entire international economic environment is still fragile and on sluggish growth. To enhance
China's economic growth momentum and strengthen supply-side structural reforms, domestic fixed asset investment has been
decelerated, and real estate faced greater pressure of d-stocking. Under the new normal, domestic architectural decoration
industry underwent slower growth rate than that of previous years. also bringing great pressure for the company’s operation and
management.However, with the advancement and implementation of the "one belt, one road" strategy, overseas construction
decoration market still have dynamic growth potential. With the introduction of national health reform policy, the health care
industry is also facing greater development opportunities.
Operating with international and domestic economic situation, the company developed a business plan "consolidating of the
domestic decoration main industry, expanding overseas construction market, ensuring steady growth of the performance". With
a clearly scientific development strategy and the unremitting efforts of all staff, the company's overall asset quality and
profitability were significantly improved. In 2015, although domestic economic suffered a slow growth, the company has
maintained good growth momentum with a good performance of the company's overseas business. In 2015, the company
achieved operating income of 4.01 billion Yuan, an increase of 45.58 % over the previous year; operating profit of 431 million
Yuan, an increase of 75.22% over the previous year; net profit attributable to parent company 347 million Yuan, an increase
over the previous year 85.51 %.
2. Main works carried out by the company in 2015 are as follow:
（1） Maintaining stability in domestic decoration business
During the reporting period, the company will further consolidate the traditional decoration business market, promote the
company's well-known brands and the implementation of characteristic operating strategy, and spare great efforts to develop
and nurture high-end customers, making a steady increase of high-end customers in the company's share of the domestic
business and continuing to improve brand influence Sino Great Wall. Moreover, we would also provide customers with
comprehensive solutions, including high-quality and efficient architectural decoration, mechanical and electrical installation,
curtain wall design and construction, and meanwhile actively explore relevant qualifications and industrial chain in
innovative business model, improving the company decoration, engineering construction, creating a new performance and
profit growth and constantly improving the company's profitability.
（2） Achieving good results in expanding overseas market business
In 2015,under the leadership of national policy "One Belt and One Road", relying on it's a good reputation in the overseas
company and rich experience in marketing and construction, the company's overseas business grew rapidly in Myanmar,
Indonesia, the Philippines, Sri Lanka and other places ,with new orders for large projects signed equivalent value of more than
billion. Overseas projects are likely to use more the contracting management models, EPC and PPP, providing a strong
guarantee for the company's performance in next few years.
（3） Gaining a initial success of medical health industry layout and working smoothly
In 2015, the company decided to regard health care as key direction of the company in future. Afterward, the company
introduced the management authority and technical experts in the medical field, in conjunction with the company's senior
personnel, to set up a new medical team and carry out the in-depth project study and research in nationwide. Moreover, they
carefully organized project feasibility and screening and have deep contacts with the target project, and signed a cooperation
agreement to conduct a joint medical investment business with Sichuan Jiale enterprise Group Co., Ltd. Andrzej asset
management Limited and Sinopharm Group financial leasing Co., Ltd, giving full play to their respective advantages in terms
of construction, finance, customer resources, brand, etc. and promoting the development of the company in the medical
engineering contracting, health care investment business. Since the medical team was built, company medical business is
progressing well and the layout of the medical industry enjoyed a initial success.
（4） Laying emphasis on incentives to storing talents for the company
During the reporting period, the company completed the election of the new Supervisory Board; a new senior management
team was appointed; dozens of talents in marketing, technology, management and health care industries were recruited; three
boards and one level, namely shareholders' board, board of directors, board of supervisors, governance level, has a clear
structure. In 2015, parts of the company directors, supervisors and senior management personnel and business backbones
participated in the subscription of the company's non-public offering of stocks by the customer-specific asset management
plans set by Jiu Tai Hui Tong number two, and some of the staffs were involved in the first phase of the company's plan of
employee's stock ownership. All measures above are conducive to the formation of mechanism where employees and all
shareholders share mutual benefits and risks, urging executives and core team of the company to work in a more diligent way
for company's development and laying a solid talent base development of the company in future.
2.Significant changes in the main business in the reporting period
√ Yes □No
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Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
In 2015, the company completed a major reorganization of assets, the company's main business changed by the textile design
and decoration works construction general contracting.
3.Products contributing over 10% of the main business revenue or profit
√ Applicable □ Not applicable
In RMB
Increase/decrease Increase/decrease Increase/decrease
of revenue in the of business cost of gross profit
Gross profit
Name Turnover Operation cost same period of over the same rate over the same
rate(%)
the previous period of period of the
year(%) previous year (%) previous year (%)
Construction
general 1,513,458,850.56 1,194,713,739.79 21.06% 641.49% 686.94% -17.79%
contracting
Decoration works 2,455,199,964.42 1,959,709,623.80 20.18% -3.98% -6.05% 9.54%
4.Seasonal or periodic characteristics in the operating performance that need special attention
□ Yes √ No
5. Significant YoY changes in the operating revenues, operating costs and net profits attributable to
the common shareholders or their composition
√ Applicable □Not applicable
During the reporting period , the company completed a major reorganization of assets, the company's main business
changed by the textile design and decoration works construction general contracting , a substantial increase in the quality of
assets , and therefore the reporting period operating income, operating costs and attributable to ordinary shareholders in listed
companies net profit compared with the previous reporting period has increased considerably.
6.Listing suspension or termination
□ Applicable √ Not applicable
VI. Issues related to the financial report
1. YoY changes in the accounting policy, accounting estimation and measurement methods
□ Applicable √ Not applicable
No Particulars about the changes in aspect of accounting policy, estimates or calculation method in the period.
2.Note to the situation that it is necessary to make retrospective restatement to order to correct the
serious accounting errors in the reporting period
□ Applicable √ Not applicable
No major accounting errors within reporting period that needs retrospective restatement for the Company in the period.
3.Note to the change of the scope of the consolidated statements in comparison with the previous year
√ Applicable □Not applicable
In 2015, the company had completed the major asset replacement and the share-issuing to purchase the asset and raise
matching funds, which swapped out the company’s original total assets and liabilities, swapped in the equivalent part of the
equity of the Sino Great Wall International Engineering Co., Ltd which was held by all the shareholders of Sino Great Wall
International Engineering Co., Ltd. Sino Great Wall International Transfer to the Company in July 2015,Sino Great Wall
International Engineering Co., Ltd shall be included in the consolidation scope in 2015.
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Sino Great Wall Co., Ltd. Summary of 2015 Annual Report
4.Statement of the Board and the Supervisory Committee on the Non-standard Auditors’ Report
issued by the CPA.
□ Applicable √ Not applicable
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